Who Will Pay More Tax for 2014?

Now that you’re wrapping up your 2013 tax return, you might like to see what awaits in 2014. Here are five key takeaways from a recent detailed analysis by the nonpartisan Joint Committee on Taxation:

MAKING MORE: Higher-income people (those making more than $100,000, roughly the top 20%) will receive a larger share of total income in 2014 compared to 2012 (the last year available) – 60% of all income, compared to 55.9% two years ago. The biggest aggregate gains will be for households in the $200,000-$500,000 cohort. Their share of income will rise to 15.6% from 13.3% two years ago. The highest-income folks, those making more than $1 million, will see their share of income rise to 11.8% from 10.7%.